The price of oil in terms of U.S. dollars could be a deceptive thing to follow given that the value of the dollar is dropping with respect to other currencies. I decided to look at the price of oil in terms of Euros.
The price of oil at the beginning of 2007 was $51.57 or 39.64 Eur. The price of oil at the end of 2007 was $85.52 or 58.12 Eur.
The price of oil rose 66% in dollars, but only 47% in Euros. We were paying a $9.71 per barrel premium because of the mishandling of our economy. This is the extra cost over the uncertaintly premium that we pay because we chose to fight a war.
At George Bush’s inauguration the price of oil was $23.59 or 25.25 Euros. To the end of 2007, it has risen 263% in U.S. dollars and 130% in Euros.
George Bush said he would not raise taxes. He did not say that he would not raise the price of oil.